The Fair Credit Reporting Act, a federal statute passed in 1970 to regulate the collection and use of consumer credit information, requires consumer reporting agencies (also known as, credit reporting agencies or credit bureaus) to maintain the “maximum possible accuracy" of the credit information they collect and use to create consumer reports (also known as credit reports). When a consumer reporting agency fails to maintain this level of accuracy and errors occur, this federal law gives consumers the right to dispute information in their credit files and, when necessary, bring suit against those agencies and the furnishers of credit information to those agencies.